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Unformatted text preview: Unit 8, Chapter 7 Practice Exercises Name: Sondra Stark Instructions for template use: The following template is provided to you to assist you with the homework assignments. The areas shaded in green are the areas of the template in which you should place your answers. Please contact your instructor if you have any questions on the use of the template. PE 7-3A See instructions for the problem on page 334 of the textbook. HINT: See page 313 for information on the LIFO Method. Also, remember, when using LIFO, the first items sold are the most RECENT inventory items. So, the ending inventory will be the "OLDEST" inventory items. For this one, review the Example Exercise 7-3 on page 314. (a) Number of Units Sold 20.00 X Cost Per Unit 38.00 = Cost of Merchandise Sold 760.00 (b) Number of Units Remaining at price ? 13.00 X Cost Per Unit 34.00 = Ending Inventory 442.00 Number of Units Remaining at price ? 2.00 X Cost Per Unit 36.00 = Ending Inventory 72.00 TOTAL Ending Inventory 518.00 Unit 8, Chapter 7 Practice Exercises...
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- Spring '08
- Balance Sheet, FIFO and LIFO accounting, Inventory Ending inventory, Cost Per Unit, Sondra Stark